Overview

• On July 12, Tar del Lazio struck down conditions requiring a five-year non-reduction in the loan-to-deposit ratio and mandatory project finance levels, while upholding mandates to exit Russia and maintain Anima holdings.
• The European Commission’s preliminary opinion warns that Italy’s Golden Power decree could violate Article 21 of the EU Merger Regulation and other single-market provisions.
• Palazzo Chigi has committed to a cooperative response to Brussels and is preparing detailed observations ahead of the takeover offer’s July 23 expiry.
• Golden Power allows Italy to impose strategic conditions on transactions in sectors deemed vital for national security, prompting debate over state intervention versus bank autonomy.
• The regulatory standoff compounds uncertainty around UniCredit’s all-share bid for Banco BPM, which has EU antitrust clearance but remains subject to domestic judicial and EU scrutiny.